Message Font: Serif | Sans-Serif
No. of Recommendations: 5
Greetings, Arahfool, and welcome. You asked:

On a joint account, do both joint owners have to be 59.5 to avoid the 10% early withdrawal penalty?

I think you are confused. There is no such thing as a "joint account" in an IRA or a qualified retirement plan. The "I" in IRA stands for "Individual," so there is only one owner, and that owner is the one who must be 59 1/2 to avoid the early withdrawal penalty in the absence of any distribution exception such as "substantially equal periodic payments (SEPP)."

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.